California Firm Enters South Florida Market With $15M Palm Beach Acquisition

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An office and retail space in Palm Beach sold this week for $15 million, or $490 per square foot, the new owner said Wednesday.

Randall Realty Group of Los Angeles is the new owner of the 30,600-square-foot building at 2875 South Ocean Boulevard. The two-story property is 87 percent occupied by tenants including Apollo Global ManagementBaptist Health Primary Care, Symphony Workplaces and Acqua Cafe.

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Randall Realty Group said it will use the Palm Beach location as its East Coast headquarters as it seeks more acquisitions in South Florida.

“Our team gravitated toward this building because of its desirable location between the ocean and Intracoastal steps away from the beach, and its strong rent roll,” Jordan Randall, managing director of Randall Realty Group, said in a statement.

The property is near Lake Worth Pier. The building, constructed in 1982, last sold in 2013 for $9.5 million, according to property records.

The seller was The Silverman Group of Basking Ridge, N.J.

Scott O’Donnell and Mike Ciadella of Cushman & Wakefield represented both the buyer and seller in the transaction.

Randall Realty Group head Jim Randall last year paid $16 million for a West Palm Beach mansion.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.